FIRCA to implement tax self assessment regime
FIRCA to implement tax self assessment regime
By
fijivillage.com
28/11/2010
The Fiji Islands Revenue and Customs Authority will implement an income tax self assessment regime from 2012.
This was revealed by the Acting Minster for Finance Aiyaz Sayed-Khaiyum at the 2011 National Budget.
With this system, individuals will not have to lodge tax returns at the FIRCA office.
FIRCA CEO Jitoko Tikolevu said what that actually means is that when that comes into force for example PAYE, taxpayers will no longer be required to lodge returns.
He added everything will be done internally at FIRCA but employers need to be responsible to inform FIRCA of any changes in terms of allowances.
Tikolevu said this would save costs in terms of resources and people from this function will be taken to other value adding functions at FIRCA.
In addition, Sayed-Khaiyum said FIRCA will implement a presumptive tax regime from 2013 which will provide a simplified tax regime for Small Business Enterprises.
Story by: Ana Naisoro
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